Assembly Bill A3011

2019-2020 Legislative Session

Relates to establishing a student loan borrower bill of rights

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A3011 (ACTIVE) - Details

See Senate Version of this Bill:
S3206
Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add §684, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8862, S8463
2021-2022: A2295, S5794
2023-2024: A2275, S2638

2019-A3011 (ACTIVE) - Summary

Establishes the student loan borrower bill of rights to protect borrowers and ensure that student loan servicers act more as loan counselors than debt collectors.

2019-A3011 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3011
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2019
                                ___________
 
 Introduced  by  M. of A. SIMON, MOSLEY, D'URSO, GLICK, ORTIZ, GOTTFRIED,
   GALEF, JAFFEE, COLTON, FAHY, PICHARDO, McDONOUGH, CAHILL,  DE LA ROSA,
   DAVILA,  CRESPO,  WRIGHT,  RICHARDSON,  BLAKE, COOK, BICHOTTE, TAYLOR,
   NIOU, CARROLL -- Multi-Sponsored by -- M. of A.  M. L. MILLER,  NOLAN,
   THIELE -- read once and referred to the Committee on Higher Education

 AN  ACT  to  amend  the education law, in relation to creating a student
   loan borrower bill of rights
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section 684 to
 read as follows:
   §  684.  STUDENT LOAN BORROWER BILL OF RIGHTS. 1. DEFINITIONS. AS USED
 IN THIS SECTION:
   (A) "SERVICING" SHALL MEAN RECEIVING A SCHEDULED PERIODIC PAYMENT FROM
 A BORROWER PURSUANT TO THE TERMS OF A LOAN, INCLUDING AMOUNTS FOR ESCROW
 ACCOUNTS, AND MAKING THE PAYMENTS TO THE OWNER  OF  THE  LOAN  OR  OTHER
 THIRD PARTY OF PRINCIPAL AND INTEREST AND OTHER PAYMENTS WITH RESPECT TO
 THE  AMOUNTS  RECEIVED  FROM THE BORROWER AS MAY BE REQUIRED PURSUANT TO
 THE TERMS OF THE SERVICING LOAN DOCUMENT OR SERVICING CONTRACT.  IN  THE
 CASE  OF A HOME EQUITY CONVERSION MORTGAGE OR REVERSE MORTGAGE AS REFER-
 ENCED IN THIS SECTION, SERVICING INCLUDES MAKING PAYMENTS TO THE BORROW-
 ER. IN THE CASE OF A  STUDENT  EDUCATION  LOAN  AS  REFERENCED  IN  THIS
 SECTION,  SERVICING  INCLUDES  APPLYING  THE  PAYMENTS  OF PRINCIPAL AND
 INTEREST AND OTHER SUCH PAYMENTS WITH RESPECT TO  THE  AMOUNTS  RECEIVED
 FROM A STUDENT LOAN BORROWER AS MAY BE REQUIRED PURSUANT TO THE TERMS OF
 A  STUDENT  EDUCATION  LOAN AND PERFORMING OTHER ADMINISTRATIVE SERVICES
 WITH RESPECT TO A STUDENT EDUCATION LOAN.
   (B) "STUDENT EDUCATION LOAN" SHALL MEAN ANY  LOAN  PRIMARILY  USED  TO
 FINANCE EDUCATION OR OTHER SCHOOL-RELATED EXPENSES.
   (C)  "STUDENT  LOAN  BORROWER" SHALL MEAN ANY RESIDENT OF NEW YORK WHO
 HAS RECEIVED OR AGREED TO PAY A STUDENT EDUCATION LOAN,  OR  ANY  PERSON
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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